MANY technology businesses are missing out on significant amounts of money available through tax relief to cover research and development costs.

Paul Draper, a tax partner at the Clive Street, Bolton, business advisory, Unity, said: "Only one in ten businesses realise that they can get tax relief on research and development expenditure.

"Such savings can significantly reduce corporation tax bills and can result in credits or repayments of tax where businesses are loss-making.

"The rules are detailed, but it well worth spending time with an adviser to find out whether or not a claim is feasible."